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Equitas Resources Corp. Completes Acquisition of Alta Floresta Gold Ltd.; Acquires 100% Interest in Brazilian Gold Assets
Vancouver, BC (FSCwire) - Equitas Resources Corp. (Equitas or the Company) (TSXV:EQT) (US:EQTRF)(Frankfurt:T6UN) is pleased to announce that it has received final TSX Venture Exchange approval and has finalized the acquisition of Alta Floresta Gold Ltd. (Alta Floresta Gold) as announced on January 15, 2016. Alta Floresta Gold has also increased its working interest in all of the Brazilian gold properties from 60% to 100%.
Equitas through Alta Floresta Gold indirectly owns a 100% interest in six gold properties with four production licenses, and over 184,410 hectares of landholdings in Mato Grosso and Para states of central Brazil. The flagship Cajueiro gold project (the Cajueiro Project) encompasses 39,053 hectares and is located 95 kilometers north of the city of Alta Floresta, which will be the location of the Companys operations base in Brazil.
Alta Floresta Gold was successful in increasing its equity share in Alta Floresta Gold Mineracao S.A., (Alta Floresta Mineracao) its Brazilian operating subsidiary, from 60% to 100% by further investment and agreed acquisition from the minority stake holder ECI Exploration & Mining Ltd.
The immediate focus for Equitas will be to increase current gold production at the Cajuiero Project and to identify additional resources in the known mineralized areas. Currently Alta Floresta Gold is realizing small-scale sluice-box production from the mineralized alluvium and saprolite. As part of the expansion plan Equitas plans to acquire, and put into production, a gravity processing plant that is located near the Cajueiro Project.
An exploration program is currently being planned with the intention to further define and expand the resources at the Cajuiero Project. It is expected that the program will consist of bulk sampling, trenching and diamond and rotary air blast (RAB) drilling.
In connection with the transaction, Equitas issued 103,653,283 common shares to former shareholders of Alta Floresta Gold and 5,282,324 stock options to former optionholders of Alta Floresta Gold exercisable for a period of three years at a price of $0.15 per share. All securities issued in connection with the transaction are subject to a four moth hold period.
The following are brief biographies on Equitas new directors, officers and technical operators:
Kyler Hardyas Chairman, Director -16 years in the resource sector as an entrepreneur & executive. Experience in operating remote & logistically complex exploration projects. Successful in building early stage businesses.
Chris Harrisas President & CEO, Director -30 years in energy, commodity trading & mining finance (Ernst & Young, CIBC, Enron UK, BHP Billiton, GMI Resources UK). Multiple principal investments & director roles.
Alan Carteras Director -30 years in minerals exploration (Rio Tinto, BHP Billiton, ECI). Founder & CEO Magellan Minerals. Director: Cuprum Resources, Peregrine Diamonds.
David Hodgeas Director -Extensive experience in management and financing of publicly traded companies. President of Zimtu Capital, a company focused on the mineral exploration sector through prospect generation and company creation/building. Has been involved with raising over $250M for public resource companies.
Everett Makelaas VP of Exploration-Over 30 years of exploration experience as a geologist. Spent career with INCO & Vale. Held increased roles ranging from grassroots evaluations to near mine resource definition. Extensive experience with joint ventures and alliances. Retired as Principal Geologist, Vale North America.
Mike Bennett a Director and Officer of Alta Floresta Minera[[105]][[101]]o - 30 years of exploration experience (23 in South America). VP Exploration of ECI (since 2009). 3 gold discoveries: Brazil - Coringa & Cajueiro and in Bolivia - Puquio North
Richard Crewas Consultant to Alta Floresta Minera[[105]][[101]]o(operations) - 30years of mining experience as an Operations Manager and Chief Operating Officer for numerous of companies & projects worldwide. Excellent knowledge of the international mining sector and technical developments. Fluent in English & Portuguese.
Elvis Alvesas Project Manager and Exploration Geologist to Alta Floresta Minera[[105]][[101]]o (operations) -Locally based experienced field geologist focused on mineral exploration and mining.
Equitas would like to thank Mr. Raymond Goldie, Mr. Qianjie Wang and Mr. Tim Fernback for their service while on the Equitas board of directors and we wish them well in their future endeavours.
For more information onEquitas Resources Corp., pleasecontact Sean Kingsley, Corporate Communications at604-681-1568 (tel:604-681-1568)or [email protected].
On Behalf of the Board of Directors,
EQUITAS RESOURCES CORP.
Chris Harris Chris Harris President & CEO
Tel: 604-681-1568
[email protected] (mailto:[email protected])
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